0000764065-26-000100
SEC filingNotes reveal a net loss of $382M H1 2026, but Steelmaking segment generated $348M Adjusted EBITDA, with $1.4B buyback authorization remaining.
As of June 30, 2026, cash and cash equivalents were $70M, up from $57M at year-end. Total debt increased to $7,703M from $7,253M, primarily driven by $444M net borrowings under the ABL facility. Shareholders' equity decreased to $5,604M from $6,116M, reflecting the net loss and other comprehensive losses. Inventory stood at $4,525M, down slightly from $4,772M.
Note 18 discusses purchase commitments for raw materials, energy, and transportation under annual and multi-year agreements, but no aggregate dollar amount is disclosed. Contingencies include environmental liabilities and legal proceedings, with no material adverse effects expected. Surety bonds and letters of credit total $367M.
No dividends were declared or paid. No share repurchases occurred during the six months; $1.4B remains authorized under the buyback program. Capital additions were $315M for H1 2026, or 3.1% of sales, reflecting ongoing investment in property, plant, and equipment. Debt increased by $450M, primarily from ABL borrowings.
Cleveland-Cliffs reports one operating segment: Steelmaking. Other Businesses (Tubular, Tooling and Stamping, European Operations) are combined. For the six months ended June 30, 2026, Steelmaking generated $9,893M in revenue (97.5% of total), with Adjusted EBITDA of $348M. Other Businesses contributed $344M revenue and $33M Adjusted EBITDA. Segment assets are $19,525M for Steelmaking and $590M for Other Businesses.